CGI Gulf Insights of the week ) (copy 107)

  • ByCGI Gulf Insights of the week
  • Monday, 16 January 2023
  • Published inJanuary 2023
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January 2023 [email protected] Issue No:350
Country Risk Update -  Bahrain

Risk Indicator  - DB4d
Risk Level        - Moderate
Ratings Trend  - Improving
Higher oil prices have restored some balance to Bahrain's battered finances, but a high and growing debt burden will ensure that it remains the Gulf's weakest financial link. Bahrain has introduced reforms to rein in government spending and increase non-oil revenue, including doubling the VAT rate to 10%. Due to higher oil prices, Bahrain is more likely to benefit from additional financial support from its Gulf neighbors, providing investors with confidence. Monitor oil prices, which affect short-term government spending and therefore the level of demand for goods and services in the economy..
World Bank hikes UAE’s growth forecast for 2022, 2023
(Source: Khaleej Times)
World Bank has revised upward the UAE’s growth forecast for 2022 and 2023 by 1.2 per cent and 0.7 per cent, respectively, from its previous forecast. According to the World Bank’s latest Global Economic Prospects report, the UAE GDP is estimated to expand by 5.9 per cent in 2022 and 4.1 per cent this year on the back of the expansion of the non-oil sector.Data showed all the Gulf Cooperation Council (GCC) economies to see slower growth this year with UAE being the fastest-growing economy in the Gulf region in 2023.This comes as the global economy......
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Small companies to remain exempt from Emiratisation targets, says official
(Source: The National News)
The UAE has no plans to make smaller companies hit Emiratisation targets, a top official has said. As tens of thousands of Emiratis have been successfully placed in new private-sector jobs, Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, said thepolicy will not change to include companies with fewer than 50 skilled employees. “We will not change the government’s policy about Emiratisation in the private sector. There is no need for additional interventions,” Mr Al Awar said earlier this week......
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Gross bank assets rose to Dhs3.58tn by end of Oct 2022, reveals Central Bank of UAE
(Source: Gulf Business)
The Central Bank of the UAE (CBUAE) has said that gross banks’ assets, including bankers’ acceptances, rose by 0.9 per cent, from Dhs3.583tn at the end of September to Dhs3.615tn at the end of October 2022. In its latest report highlighting monetary and banking developments, the bank said that gross credit grew by 0.2 per cent, rising from Dhs1.873tn at the end of September to Dhs1.878tn at the end of October 2022, reported state news agency, WAM. Gross credit rose due to an increase in domestic credit by 0.1 per cent......
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UAE Central Bank issues new anti-money laundering guidelines
(source: Gulf Business)
The Central Bank of the UAE (CBUAE) has issued new guidelines on anti-money laundering and combatting the financing of terrorism (AML/CFT) for licensed financial institutions (LFIs), including banks, finance companies, exchange houses and insurance companies, agents and brokers. The guidelines focus on the use of digital ID mechanisms that LFIs should employ to perform customer due diligence obligations (CDD) on an ongoing basis. The latest guidelines, which come into effect immediately......
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Commodity Update
(source: Nasdaq)
The weekly commodity update from Nasdaq
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Stock Market Update
(source: Mubasher)
The weekly stock market update from Mubasher
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D&B Onboard: A corporate compliance tool
(Source: CRIF - Dun & Bradstreet)
With D&B Onboard, you will be able to manage suppliers and third parties with vendor profiles and automated workflows........
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Lending industry dynamics and consumer financing habits are changing rapidly
(source: CRIF - Dun & Bradstreet)
Lending industry dynamics and consumer financing habits are changing rapidly and a whole new breed of financial institutions is fundamentally redefining the industry’s modus operandi. Now more than ever, meeting customers’ needs and speed are crucial factors, and this applies to both lenders and borrowers alike.....
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